How To Choose The Best CRM For A Financial Advisor

The entire financial advisory business relies on customers. They are the backbone of the business that helps a business grow and prosper. Client relationship management software is a good way to track all the existing clients, prospects, and leads in a business.

There are several types of CRM software available in the market. It is important to understand what qualities you need to look for in your software.

What is a CRM tool?

CRM stands for customer relationship management. This is software that enables its user to track all the interactions that happen among the customers and the prospects. This implies that everything from your emails, voicemails, in-person meetings, and phone calls are tracked via the system.

Though the user needs to spend some time entering customer-related data into the system this investment proves to be very beneficial for a business in the later years. Advisor Engine is an all-in-one leading platform that offers cloud-based financial CRM for financial advisors. The tool lets advisory companies manage accounts, risk, assets, and workflow. Keeping track of your customers (leads, clients, and prospects) helps greatly in the expansion of the business.

Benefits Of CRM In The Business

CRM relieves a user from spending time searching through a call log or an inbox to obtain the prospect’s information or number. It is a complete and precise record of the entire interaction history. All you need is to pull the relevant details from the system.

Good CRM software will record thing such as call history, appointment reminders, calendars, meeting notes, etc. It will also provide information on when to follow-up with customers and send wishes or thank-you notes.

In addition to it, a person can also see how many prospects are present in his pipeline at a certain time. This ensures that there is no more guesswork or mistakes that can happen in the future. The CRM also tells when a business would increase its prospecting efforts for refilling its pipeline.

Features Of A Good CRM

It is important that the financial advisor CRM has to be convenient to use and simple. It provides a precise report of the activity level. Based on this report, a business can arrange the sales process. This, in turn, enhances the income of a business.

Some CRM tools are designed to be very complex and time-consuming. Due to which several financial advisors do not like to use them in the business. A good CRM provides the following features to the user.

It provides a user-friendly and clean interface. This helps in navigation around the several features. Here are the various parts of the interface:

  • The home icon: You see a detailed screen that tells you about newly added contacts and upcoming tasks.
  • An organizations and people icon: Here all the contacts of the organization are stored
  • A task and calendar icon: This is the place where an organization organizes and manages its calendar, activities, and tasks
  • A sales pipeline icon: This icon enables a business to manage its prospects, and sales leads
  • A cases icon: This icon enables a business to manage open cases

Many of the good CRMs comes bundled with accounting software that helps the business track the client’s value over time.

Other than this, the software offers a brilliant user experience to its users. They can add notes on the platform. It is very intuitive and simple to add notes for any person than browsing through several screens to learn how to do it. Good CRM software also offers a robust support system that is available to resolve customer’s concerns 24*7*365.

How CRM Helps In The Business Growth?

Here are listed some of the ways that make the CRM tool a valuable aid in the progression of the business.

Enhances business productivity

One of the most important benefits of a CRM system is that it records all the necessary information pertaining to the user. By storing this information and performing specific useful functions helps a business improve its productivity.

The use of CRM has helped insurance agents, financial advisors, and several other financial professionals to get immediate access to customer data by showing what do they require to do and at what time.

Streamlines The Complete Process

CRM solution makes it easier for a business to keep track of all its activities. It does it by way of keeping the data entry uniform. This helps them see the large picture and learn where they stand with respect to their personal goals. Using this system, a business can consistently track and update the data as and when required.

Provides Metrics To Predict The Future

Another important attribute of CRM software is that it provides metrics so that the user gains complete control over the business processing. The software gives a realistic expectation of the future based on past events, and past performances.

CRM provides a clear view of how much business you would need in the coming months. In this way, it facilitates goal setting in the business. Identifying the number of appointments needed to get a client makes it easier to expand the business. This knowledge helps a business to form smarter business decisions.

Provides An Ability To Scale

Tracking and interaction prove to be very beneficial for a business. CRM is the best answer for all the basis and key needs of a business i.e., growth, more clients, increased revenue, etc. The software comes with a gigantic storage ability that lets a business store massive data of customers easily.

This saves the user from storing information of numerous clients and retrieves the information via recall. A lot of financial advisors also use CRM because of its ability to optimize the marketing with passing time.


A CRM solution can be a game-changer for your business. By focussing on your customers, you can streamline your business processes, improve communication and strengthen your business.

Modern-day CRM tools come with numerous specific functions that are needed in the advisor’s practice. To make the right selection, choose them based on software’s capabilities, vendor strength, flexibility, and the affordability of the software.